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Coinbase: Dutch central bank fines crypto exchange

 


Coinbase, a US-based cryptocurrency exchange, was fined €3,325,000 ($3.6 million) by the Dutch Central Bank (DNB). Customers in the nation could use the company's crypto services without having to register.


In the time frame of November 2020 to August 2022, according to the authorities, the exchange did not adhere to Dutch law. Providers of cryptocurrency-related services are required to register under the Dutch Anti-Money Laundering and Terrorist Financing Act. According to a spokesman for the central bank:


The severity of the error and rule violation determine the fine's size. (...) The fact that Coinbase didn't pay fees for DNB oversight activities gave it a competitive advantage. ".


DNB claimed that it also took into account the fact that Coinbase is one of the biggest cryptocurrency exchanges and has a sizable clientele in the nation of northwest Europe.


The Financial Intelligence Unit of the Netherlands was unable to receive suspicious transaction reports while Coinbase was illegally unregistered, according to the DNB. It's possible that the investigating authorities missed some suspicious transactions as a result.


The accusations have outraged Coinbase.

The company disagreed with the judgment, the spokesman claimed, and was thinking about filing an appeal. The Dutch central bank will receive appeals until March 2nd.


It continues by stating that the issue was a delay in the Dutch registration process. However, there is no connection between this and the services provided. Then the speaker said:


"Coinbase is dedicated to compliance and will continue to offer secure, dependable services to both new and existing Dutch customers. Because we follow the rules and fulfill our obligations, we shouldn't be punished. ".


Scandals undermine patron faith.

Recently, some government regulators and authorities have become interested in the business practices of the cryptocurrency exchange. The New York Department of Treasury (NYDFS) fined Coinbase $50 million earlier this month. In order to improve platform compliance, Coinbase is reportedly investing an additional $50 million.


Due to insider trading by a worker's relatives, the company recently received bad press.


Despite negative press, the price of Coinbase's stock (Nasdaq ticker: COIN) has risen 20.5 percent premarket today to over $54 and is still above the $50 mark.

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